The TRON (TRX) Price Has Dropped – What’s Next?
TRON (TRX) has slipped below key moving average lines, returning to its previous low of $0.109. What does this mean for the cryptocurrency’s future price movement?
Long-term Outlook for TRON Price: Bearish 📉
The cryptocurrency has moved back into a sideways trend, trading between $0.10 and the resistance level of $0.122. Bulls managed to break through the $0.122 barrier on May 8, but momentum was halted at $0.126. The positive trend is expected to surpass the previous high of $0.144, but currently, TRON has fallen to $0.109 after being rejected by the 21-day SMA.
- The uptrend will continue if the price rises above the moving average lines.
- Support has been defended by bulls since March 19, with the current value at $0.113.
TRON Indicator Analysis 📊
Price bars are now below moving average lines after rejection at $0.127 resistance. The 21-day SMA is below the 50-day SMA, signaling a bearish crossover. Negative momentum has subsided above the current support level.
Technical Indicators 📈
- Key supply zones: $0.13, $0.14, $0.15
- Key demand zones: $0.10, $0.09, $0.08
What’s on the Horizon for TRON? 🔮
On the 4-hour chart, TRON continues to fall below moving average lines, indicating a potential further decline. Despite hitting a low of $0.1109, bulls bought the dips, pushing TRON back above the $0.112 support level. Bearish exhaustion has been reached, and the cryptocurrency signal suggests a range-bound market.
Hot Take: The Future of TRON 🚀
TRON’s recent price movement has shown a return to bearish territory, with indicators pointing towards further downside potential. Keep a close eye on key support and resistance levels to gauge the cryptocurrency’s future direction.
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